Posted on 04/16/2016 6:08:49 PM PDT by combat_boots
In a shocking move likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible from or to US Dollars. The new Yuan will be introduced next Tuesday, April 19.
When the International Monetary Fund (IMF) agreed to add the Yuan to the basket of world currencies used for Global Reserves and International Trade, they wanted China to make the Yuan more reliable as a currency. Since then, China has almost un-pegged its Yuan from the Dollar, allowing its value to fluctuate on world markets.
But for years, China has been amassing huge amounts of gold bullion; some have said their appetite for bullion has been "staggering." And with a new gold-backed Yuan to be issued next Tuesday, the entire world will have a choice of a new currency to use for international trade: The old US Dollar which is backed by nothing, or the new Chinese Yuan, which is backed by gold. Which currency would YOU use?
When this new currency is issued, countries that have been forced to use US Dollars for decades, and have had to keep billions of dollars in their foreign currency reserves, will be free to dump those dollars. But they won't be able to dump them to China for the new gold-backed, Yuan!
China has reportedly decided "there can be no conversion of gold-backed Yuan to or from US dollars."
(Excerpt) Read more at superstation95.com ...
My backyard is very interesting.
DB just admitted to manipulating the gold and silver market. They are going to get sued into bankruptcy or close to it.
I am long some gold futures options. We will see what Sunday night brings.
Come visit any time during business hours. Bring bearer instruments & duffle bags.
My parents were born and raised in Northern Michigan. Although I went to school in Lansing I consider myself from Northern Michigan as I spent almost every weekend and most of my summers up there and I now own my parents place there and will retire shortly to move back home.
I hate crowds and if all those people move there they will trash the place. With more people comes congestion and all the terrible side effects of a large population, including liberalism. I remember reading a study years ago (I don't know how to find it anymore) that showed how the growth of a population leads to liberalism as the concentration of people makes them want more things paid by someone else.
Even a a child and teenager I did not want my Northern Michigan overrun with people.
If China wants to stop its trade overnight, it’ll do this.
Not the most reliable of sources. Don’t believe it.
So we will pay them for Walmart junk with jelly beans
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Jelly beans are made in Mexico because we stupidly tax the hell out of sugar imports to please the corn growers that want to sell corn syrup/sweetener.
BS article. It’s impossible for China to de-link it’s currency to the dollar. They may say they are, but it just isn’t going to happen.
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And the petro-dollar will never come under attack!
We tax the hell out of it to benefit the US sugar cane and sugar beet farmers. HFCS is just an unintended side effect.
Chia has been gobbling up PHYSICAL gold for more than a few years while the west has been playing with “trading” paper gold.
Get ready if you are along paper gold; you are about to get your ass handed to you. Paper is looking more and more like it is leveraged 80:1 per OUNCE gold. There is a tsunami worse than 2008 about to hit when you can finally factor in all aspects of fiat money.
April 19 is happening. China has been hoarding bullion. They are now players in the “fix”. They are going for the world reserve currency and they have the numbers to do it. Bye-bye petro dollar; hello United States currency crash. Plan accordingly..
I wouldn’t own paper gold no matter what the circumstances. It defeats the purpose of owning gold.
China is just too capricious and erratic economically.
The petro dollar never really existed.
What made the dollar the dollar was backed by the full faith and security of the Unites States. Our military, our acumen.
No facing destruction under Obama.
The question is however. Who’s going to believe the Chinese when they claim to have X amount of gold?
“we all might have to start using it to preserve the value of our money against the perpetual siphoning from our central bank.”
What’s keeping you from buying gold with your money now? Or last year or ten years ago?
positive interest rates and gold market manipulation
Then your statement is nonsensical.
Won’t the gold market manipulation continue with the new Yuan and won’t it effect its value?
Anybody that worries about the value of the dollar or any other currency knows nothing about investing and how to safeguard the worth of their assets.
It’s really quite simple - DIVERSIFY. Own lots of different assets (including some dollars, some gold, some RE, some stocks, some bonds, some foreign currencies), and rebalance periodically.
Anyone who insists that a particular currency ($ or gold, or whatever) must always buy the same amount of goods is a fool.
Good for China. Guess this means we can import any more of their cheap crap into the US. No more toys with lead based paint, Chinese drywall, dog food that kills dogs, processed chicken, tilapia, and on and on. Sounds good to me.
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